The system will launch in North America, Australia, Latin America and Europe on Feb. 22, 2012.

As for Japan, the portable console will release on Dec. 17 of this year.

Two versions of the handheld system will be sold: one for $299 with Wi-Fi and 3G and another for $249 that will be Wi-Fi only.

Current Sony president and CEO Jack Tretton announced this bit of news yesterday at the Web 2.0 Summit in San Francisco.

Afterwards, he took to his blog to talk about his company's exciting new product and games that will come with it: "Our first-party studios and army of publishing partners have been extremely hard at work to ensure that PS Vita launches with a vast library of titles that deliver unique gameplay experiences that go beyond any handheld or mobile device on the market. We have more than 100 games currently in development globally that span many different genres, including Sound Shapes, Resistance: Burning Skies, Uncharted Golden Abyss, Capcom’s Ultimate Marvel vs. Capcom 3, Ubisoft’s Assassin’s Creed, EA Sports’ FIFA, Activision’s Call of Duty, and numerous others that you’ll hear about in the months ahead."

He also detailed the system's social integration aspects: "In addition to the deep portfolio of games, you’ll also have access to native social applications – near and Party – that help you connect with your friends and fellow PS Vita owners. We also recently announced that PS Vita will have your favorite social networking applications like Facebook, foursquare, Skype, and Twitter, so you can share and connect with friends. With PS Vita, you can enjoy the best handheld gaming experience available and stay connected to the people and interests you care about."